Stocks edged higher in early trading on the last day of the shortened holiday trading week. Industrial conglomerate Textron is buying the parent company of Beechcraft in a cash deal valued at $1.4 billion. This expands Textron's aviation business by adding production of Cessna planes to its existing line of Bell helicopters. General Motors and its Chinese partner SAIC have issued one of the largest auto recalls in China for more than 1.46 million Buick and Chevrolet cars due to defective fuel-pump brackets. Separately, Ford Motor in its joint venture with Chongqing Changan Automobile will recall close to 81,000 of its Kuga cars over a steering part.

This article was written by a staff member of TheStreet.